|
|
Article: Principal Financial Group Declines Funding from U.S. Treasury Capital Purchase Program.
- Article from:
- Investment Weekly News
- Article date:
- July 4, 2009
CopyrightCOPYRIGHT 2009 NewsRX. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
The Principal Financial Group® (NYSE: PFG) announced that the company has decided to decline participation in the U.S. Treasury Department's Capital Purchase Program (CPP). The Principal® announced on May 15 that its application had received preliminary approval.
"We have decided not to participate in the CPP due to the stabilization of the credit and financial systems in the U.S. and the further strengthening of our already solid financial and capital position," said Larry Zimpleman, chairman, president and chief executive officer. "We applied for the program in November 2008, when credit markets were inactive. CPP was intended to boost capital among ...